Review your strategic plan … and look ahead

By |2021-12-29T19:55:59+00:00December 29th, 2021|Latest News|

Business owners, year end is officially here. It may even be over by the time you read this. (If so, Happy New Year!) In any case, the end of one year and the beginning of another is always an optimal time to look back on the preceding 12 calendar months and ask a deceptively simple

Gig workers should understand their tax obligations

By |2021-12-23T19:20:45+00:00December 23rd, 2021|Latest News|

The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig platforms. This includes providing car rides, shopping for groceries, walking dogs, performing household tasks, running errands

There’s a deduction for student loan interest … but do you qualify for it?

By |2021-12-23T19:16:48+00:00December 23rd, 2021|Latest News|

If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject to certain limits. The maximum amount of student loan interest you can deduct each year is $2,500. Unfortunately, the deduction is phased out if your

Stock market investors: Year-end tax strategies to consider

By |2021-12-17T15:30:33+00:00December 17th, 2021|Latest News|

Year-end is a good time to plan to save taxes by carefully structuring your capital gains and losses. Consider some possibilities if you have losses on certain investments to date. For example, suppose you lost money this year on some stock and have other stock that has appreciated. Consider selling appreciated assets before December 31

Helping your employees make the most of email

By |2021-12-17T15:28:33+00:00December 17th, 2021|Latest News|

Once a revolutionary breakthrough in communications technology, email is now an afterthought for many people. But that can cause problems for businesses: Servers get filled up, messages get lost, and employees’ productivity isn’t quite what it could be. Although doing so may seem superfluous or antiquated, providing employees with some retraining or upskilling on proper

Could an FLP fit into your succession plan?

By |2021-12-17T15:26:28+00:00December 17th, 2021|Latest News|

Among the biggest long-term concerns of many business owners is succession planning — how to smoothly and safely transfer ownership and control of the company to the next generation. From a tax perspective, the optimal time to start this process is long before the owner is ready to give up control. A family limited partnership

How are court awards and out-of-court settlements taxed?

By |2021-12-07T18:39:48+00:00December 7th, 2021|Latest News|

Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed by the federal government, and perhaps state governments. Hopefully, you’ll never need to know how payments for personal injuries are taxed.

Use change management to brighten your company’s future

By |2021-12-07T18:37:36+00:00December 7th, 2021|Latest News|

Businesses have had to grapple with unprecedented changes over the last couple years. Think of all the steps you’ve had to take to safeguard your employees from COVID-19, comply with government mandates and adjust to the economic impact of the pandemic. Now look ahead to the future — what further changes lie in store in

With year-end approaching, 3 ideas that may help cut your tax bill

By |2021-11-30T18:52:44+00:00November 30th, 2021|Latest News|

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. 1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest

IRS announces adjustments to key retirement plan limits

By |2021-11-30T18:47:34+00:00November 30th, 2021|Latest News|

In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified Employee Pensions (SARSEPs). The

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